News

By Peter Borszcz / Realtors, Strata /

Where there is an outstanding or, contemplated special levy (as found in the minutes), Buyers and Sellers need to clearly state WHO is responsible for paying the levy Ideally, a sharp realtor has considered the issue and stuck in a clause in the contract but, in the event it is forgotten: ensure you get a copy of ...

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By Peter Borszcz / Uncategorized /

Under the standard contract of purchase and sale, used by most Realtors, the RISK of the property passes to the Buyer at 12:01am on the CLOSING DATE Therefore Buyers are well advised to ensure that their insurance policy is effective at 12:01 on the CLOSING DATE Often Buyers will obtain insurance to be effective the...

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By Peter Borszcz / Buyers, Tenants /

Buying a home with existing tenants involves a few additional obligations on buyers and sellers as there is another party involved (the tenant), and there are additional provincial laws that appy (the Residential Tenancy Act) Prior to considering the purchase of a rental property buyers should ensurea) that the ...

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By Peter Borszcz / Income Tax, Non-Residents, Sellers /

When a non-resident of Canada is the Seller of real property special considerations apply to ensure that the government of Canada is paid all applicable taxes on sale s116 Income Tax Act - provides that the BUYER must withhold between 25-50% [depending on the nature of the property] of the Purchase Price from the Se...

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By Peter Borszcz / Estates, Sellers /

Unfortunately, there are only two universal truths in life, death and taxes When the former arises, an estate sale is usually the result As the heirs of the deceased, a binding contract for the sale of the home can only be entered into once the estate has done the following: obtained a grant of probate or lette...

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By Peter Borszcz / Buyers, First Time Home Buyers, Strata /

Most people think of condos when they think of strata property, however in British Columbia, strata property can include detached and semi-detached homes, apartments, and even bare land The Strata Property Act imposes rules on the home owner which regulates the home owners use of the lands The rules can include pet res...

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By Peter Borszcz / Buyers, Lease, Native Land, Realtors, Sellers /

At common law, in British Columbia, land tenures can be generally divided into two large catagories, fee simple land and leasehold landsFee simple lands (also called freehold lands) are lands where the owner owns all the property rights associated with thoses lands, except the rights which are reserved for the Crown (f...

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By Peter Borszcz / Financial Charges, Mortgage, Sellers /

For sellers the essential bargain in a real estate transaction is "I give you my house, free an clear, and you give me money"The "free and clear" part is key, it means that the Seller is giving the Buyer title free and clear of all financial encumbrances on title A financial encumbrance includes things like your mortga...

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By Peter Borszcz / Buyers, Property Transfer Tax /

For most out of province buyers, finding out about Property Transfer Tax often comes as an unpleasant shock Property Transfer Tax is charged on every transfer of freehold title in the Province of British Columbia as is calculated as 1% of the first $200k and 2% of the remainder of the Purchase Price This means a $30...

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